How the Dream went from bottom dwellers to the WNBA Finals in five years

• Michael VoepelNov 5, 2026, 07:29 AM ET

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  Michael Voepel is a senior writer who covers the WNBA, women's college basketball and other college sports. Voepel began covering women's basketball in 1984, and has been with ESPN since 1996.

SAN FRANCISCO -- Just five years ago, the idea of the Atlanta Dream competing for the WNBA championship trophy would have seemed as unlikely as a rebound landing untouched next to Angel Reese.

So finishing within one victory of a title, as the Dream did in the WNBA Finals last week, says a lot about just how far the franchise has come since 2021. Even without the 2026 championship, what the Dream did in revitalizing their franchise is a story that shouldn't be lost in Golden State's celebration. Five years ago, the Dream were a mess. Now, they're contenders. That's something other WNBA franchises can look to.

"It's remarkable, really," Atlanta coach Karl Smesko said.

Consider how far the franchise was from this in 2021.

That was the year the Dream moved to Gateway Center Arena -- the smallest venue in the WNBA at 3,500 seats -- because too much of their longtime larger home (State Farm Arena, capacity 17,608) was vacant during games. The Dream had three different coaches that year, one resigning just before the season began to take a college job. Chennedy Carter, their lottery-pick selection from 2020, was suspended in July and never returned. They finished in second-to-last place in the WNBA at 8-24.

The team's most notable moment came not on court, but in a viral video of two Dream players throwing punches by a food truck outside an Atlanta nightclub.

Those were the low points. But behind the scenes, two big moves in 2021 helped spark a turnaround: an ownership change, led by real estate investor Larry Gottesdiener, and a new general manager, Dan Padover.

Reese was then a college sophomore with huge goals for her future. But it wasn't until this April that she knew those plans would intersect with the Dream.

"When I play with joy and I'm surrounded by people that just genuinely make me happy, I think I'm at my best," Reese said. "The organization has poured into me. To be in my third year [in the WNBA], this is obviously the best situation I've ever been in."

And even as Reese and teammates Jordin Canada and Allisha Gray sat somberly in the Dream's postgame news conference after Game 7, the joyful sounds of Ballhalla's celebration audible, they looked dissatisfied but not devastated.

"They changed my life," Reese said of the Atlanta players and staff. "And I'm just so grateful for them."

A 2008 EXPANSION TEAM, the Dream's first title hopes were led by another Angel -- 2009 No. 1 pick Angel McCoughtry. She led the Dream to the Finals in 2010, 2011 and 2013, but they were swept each time.

The Dream then missed the playoffs six of the next nine years. They won a then-franchise record 23 games in 2018, but lost McCoughtry to a knee injury Aug. 7 and lost 3-2 in the semifinals.

Without McCoughtry in 2019, the Dream averaged just 4,270 fans for home games, necessitating the move from State Farm Arena. That relocation was delayed a year because of the COVID-19 pandemic, when the 2020 season was in a "bubble" in Bradenton, Florida. By then, McCoughtry had left in free agency for Las Vegas.

The Dream's leadership became a focus for all WNBA players in the bubble when co-owner Kelly Loeffler sent a letter to commissioner Cathy Engelbert opposing the league's decision to display "Black Lives Matter" logos on the courts in Bradenton. Loeffler wrote "we need less -- not more -- politics in sports."

Loeffler was involved in a political race at the time, seeking to hold her U.S. Senate seat. The divide mushroomed into WNBA players campaigning for her opponent, Raphael Warnock.

"Being on the outside of the Dream looking in then, during that time everybody was rallying around them," said guard Jordin Canada, then with the Seattle Storm, of the bubble activism against Loeffler's continued ownership. "We wanted what was best for them and the W as a whole, and to see that transition into a more positive direction."

The situation was untenable, and the franchise was sold in February 2021 to Gottesdiener's group, which included former WNBA player Renee Montgomery.

"I believed the WNBA was an extraordinary opportunity, not just to grow the game of basketball," Gottesdiener said, "but to demonstrate what's possible when you invest in women."

Padover, who joined the Dream in October 2021, had worked for the Las Vegas Aces for three years, helping build the team that would become a three-time champion. He went from a franchise a step from the top to one with nowhere to go but up.

Padover started his WNBA career as a video coordinator with the New York Liberty in 2012, and he has credited former coach and GM Bill Laimbeer for helping him develop into a team executive. He cites this key from Laimbeer.

"If you can get your organization organized and you can take care of the players, you can start to establish yourself as a place that is respected," Padover said. "Under previous ownership, I think we were disorganized, and we didn't really have an identity.

"When I got here the goal was, 'Let's turn Atlanta back into a franchise that's respected throughout the WNBA community, one piece at a time, and that will allow us to be able to build something.' We started with things like player housing, staffing, and medical and player development."

THE OTHER PIECE was putting the right players and coaches in the building. Padover, who has been named the league's executive of the year three times, put his trade wizardry to use. He dealt the Nos. 3 and 14 picks in the 2022 draft and a 2023 pick swap to Washington for the No. 1 pick in 2022 to select Rhyne Howard.

"It was a huge boost of confidence," Howard said. "Obviously, when you get drafted, that means the team wants you. But to do it in the way that they did -- trading up to get me like that -- put no doubt in my mind that I was a piece that they were looking for to start this new journey, to start this new outcome that we're having."

The 6-foot-2 guard was Rookie of the Year and has since been a four-time All-Star. She averaged 17.7 points in the regular season this year and 16.3 in the playoffs. Howard won't recall Game 7 fondly -- she was limited to six points on 3-of-14 shooting -- but she took noticeable steps forward as a player in 2026, especially on defense.

Padover also got the steal of the second round in 2022 with forward Naz Hillmon, who became a full-time starter this season and has played more WNBA games than anyone from that draft class.

Subsequent huge deals came for guards Gray (2023) and Canada (2024).

"One of the things that I definitely took from Bill was not to be skittish to give up things in trades," Padover said. "If you're doing it to get a great player, it's always worth it, and don't be afraid to do that."

One of Padover's biggest moves in 2025 was bringing in Smesko, who had spent most of his career as a college coach, including 17 years at Florida Gulf Coast.

"Obviously, there was a changing landscape in college basketball, and I was at the point where a new challenge was needed," Smesko said of his decision to move to the WNBA. "It was Atlanta, and I love the city. And I thought there was the makings of a core that could compete for a championship."

Atlanta went 30-14 last season but lost in the first round of the playoffs. Padover used a trade to acquire the last key component. On April 6, the Dream obtained Reese from the Chicago Sky for future draft picks. Reese had become disillusioned with the Sky's direction and voiced her concerns near the end of the 2025 season. She believed in the Dream's vision, just as the players obtained before her did.

"I feel like the organization has gotten to a point where players want to come play for Atlanta," Gray said. "To be able to get Angel just speaks volumes of how the organization is run and how it really cares for players. The city of Atlanta is great. Great culture. The games just feel like one big family cookout, and everybody's welcome."

Reese proved to be the final and most essential ingredient. Other than a five-game skid June 24-July 4, the Dream -- who also added veteran DeWanna Bonner late in the season -- stayed consistent, finishing 30-14 again. Reese had the best offensive year of her career, averaging 16.4 points, plus 12.1 rebounds.

"She's made me look good all season long," Howard said. "And I'm sure she's going to continue to do that for the rest of her time here. Shoutout to her for coming in and being bought in. She's handled every challenge that we've thrown at her with grace."

This year's Finals games in Atlanta didn't come without hurdles -- facility conflicts with State Farm Arena meant one Finals game had to be moved up a day and another had to be played at 12:30 p.m. ET on a Thursday. But even that early game was joyful and loud, a full house of fans skipping work and school to cheer on the Dream in a must-win Game 6.

Next year, the Dream moves back to State Farm Arena full time, playing all 25 regular-season home games there.

And as disappointed as the Dream were after losing Game 7, they also immediately expressed excitement about the 2027 season.

"Just because we didn't win today doesn't mean that we won't be champions in the future," Reese said.

Those words weren't just platitudes after a disappointing ending. Next year, with every starter already signed to return, the Dream could at last win that elusive title.

"I like our chemistry and just the sisterhood that we have as a team," said Gray, who played every Finals game despite sustaining an injury on her shooting hand in the semifinals. "We actually love each other and enjoy being around each other."